To be honest it feels like I'm getting in over my head. The articles I've read use many terms and talks about algorithms I've never heard of. I've almost given up trying to find comprehensible sources, and so I'm turning to Reddit for help.

What I'm looking for is something related to pros/cons of AI-development - not the philosophical aspect, but in terms of how this will relate to society in general. Will it start replacing people's jobs? Or will it create new ones, or a mix of both? How can AI be applied in every day life?

This relates to machine learning, not AI in general, but could be helpful: Machine Learning that Matters. The paper discusses where machine learning is as a field in terms of societal impact (it takes a somewhat pessimistic view), and some ways it might make a bigger impact. You can probably get the gist of it without a background in machine learning.

The articles I've read use many terms and talks about algorithms I've never heard of.

This is going to be true of pretty much every paper on AI if you aren't familiar with the field. Almost nobody writes conference papers about the pros/cons of AI and the economic implications of the field because, well, that just doesn't interest a lot of CS researchers. AI researchers write papers about cutting edge AI. It takes a lot of work to build up the background knowledge necessary to understand research papers. Even if you did spend your time getting acquainted with the field it wont tell you anything about the impacts AI has on society. You might learn a lot about inference techniques, though.

Honestly, you are probably much better off looking at books written by futurists than papers written by CS researchers.

How can AI be applied in every day life?

Search is a classic AI problem. If you are using Google then you are taking advantage of AI techniques. AI doesn't just mean "robots that know how to clean dishes and build cars".